Structural reforms, to realize sustainable economic expansion, have been successful, the premier said.

As the largest developing country in the world, China will continue to roll out measures to maintain medium-high growth with higher efficiency and quality.

Li highlighted the reform of the financial sector, stressing the importance of market and laws in fostering a fair, transparent and stable capital market as well as improving risk controls.

China has the support of high savings and large foreign exchange reserves, and reforms will improve the usage of such resources to support the real economy.
Besides cutting interest rates and reserve requirement ratios, China has scrapped the interest rate ceiling for both loans and deposits, and will allow more private capital to enter the sector as well as boost private banks, financing assurance and financial leasing, the premier said.

He also mentioned the recent changes to the yuan's central parity system, stressing that the move had nothing to do with boosting exports, and the country is unwilling to see a currency war, as it will be harmful to China.

The inter-bank foreign exchange market will be opened to foreign central banks, and a cross-border RMB payment system will be established by the end of 2015 to improve the yuan offshore market, Li said. - (Xinhua)

BEIJING, Sept. 8 (Xinhua) -- Recent financial volatility has cast a shadow on the Chinese economy, but people need to view the bright side if they want to have the full picture.

Chinese officials never deny that the world's second largest economy is facing trouble, it is not easy to deliver an annual growth of around seven percent after three decades of rapid expansion.Full Story

ANKARA, Sept. 5 (Xinhua ) -- The Chinese economy has entered a "new normal" status and the growth rate of economy is predicted to be around 7 percent in the coming 4 to 5 years, said Chinese Finance Minister Lou Jiwei here on Saturday.

Lou said it in a written statement after the 2-day G20 Finance Ministers and Central Bank Governors Meeting in Ankara Turkey.Full Story